With the Federal Election decided, and the threat of 41,000 public service job cuts in Canberra off the table, business and commercial property confidence in the nation's capital is on the rise, according to a leading local commercial real estate expert.

"It's a significant relief for many that widespread job cuts in the ACT won't proceed as initially feared," said Mark Nicholls, Director of Raine & Horne Commercial Canberra. 

"This clarity has restored confidence among public sector workers and is already driving renewed momentum across the broader economy—particularly in the commercial property market, where we're seeing increased interest from buyers, vendors and tenants."

Reflecting this confidence shift, Raine & Horne Commercial Canberra has just listed 17 & 19 Barry Drive, Turner for sale via Expressions of Interest (EOI)[i].

Prime Canberra CBD fringe site offers income and development upside

The adjoining, separately titled boutique office buildings are strategically located on the northwestern fringe of Canberra's CBD, moments from the Australian National University and walking distance to Civic, Braddon, and the light rail on Northbourne Avenue.

Positioned on a substantial 1,550 sqm landholding with approximately 40 metres of frontage to busy Barry Drive, the site includes 41 carparks (23 basement and 18 on-grade). It is zoned CZ2 (Business Zone), allowing for a broad range of future residential or commercial redevelopment options.

"It's a rare opportunity for investors, developers, land bankers or even owner-occupiers," Mr Nicholls said. 

"Around 487 sqm is available for immediate use by an owner-occupier, while the current leases—mostly with professional consultancies—generate more than $500,000 per annum in gross income, with upside potential from future rental reviews."

Each building spans three storeys, with a total lettable area of approximately 1,263 sqm. Most leases include demolition clauses, offering flexibility for redevelopment in due course. 

"The vendor, who currently occupies around 268 sqm of the property, is open to either signing a new lease or vacating for an owner-occupier," Mr Nicholls said. “The guide price for the site is $7.5 million.”

Mr Nicholls added that growing speculation around imminent rate cuts is further energising the Canberra commercial property market.

"We're hearing predictions of up to four interest rate cuts by August, with the cash rate potentially dropping from 4.1% to 3.1%, which is encouraging more buyers to explore commercial property opportunities again in Canberra," he said.

"At the same time, volatility in the share market—especially with global uncertainty—has some investors shifting their focus to quality commercial real estate, where yields and capital growth potential remain strong."

Key Features of 17 & 19 Barry Drive, Turner include:

·       Two adjoining, separately titled office buildings on the fringe of Canberra’s CBD

·       1,550 sqm of land with approximately 40m frontage to Barry Drive

·       Close to ANU, Civic, Braddon & the Northbourne Avenue light rail line

·       Three levels of office space totalling approx. 1,263sqm with lift access and common amenities

·       41 on-site car parks (23 basement + 18 on-grade)

·       Nearly fully leased on flexible leases

·       Zoned CZ2 (Business Zone) 

·       Crown Leases permit office & residential uses

·       Suitable for investors, owner-occupiers, developers and/or land bankers

Expressions of Interest close on Wednesday, 25 June 2025. To request the Information Memorandum or arrange a private inspection of 17 & 19 Barry Drive, contact Mark Nicholls at Raine & Horne Commercial Canberra on 02 6236 9526.

 
[i] https://www.rhcommercial.com.au/canberra/properties/17-19-barry-drive-turner-2612-australian-capital-territory